Beijing, China, 27 June – China is projected this year to post a trade surplus four times higher than that of 2004, of between US$120 billion and US$130 billion, according to the official press, which cited government sources.
This figure is higher than forecasts from the National Statistics Department, which last week estimated a surplus of US$100 billion, said state newspaper China Daily, quoting Bi Shengquan, deputy minister of the Commission for National Reform and Development, the government department for economic planning.
Bi said that China needed to adjust its fiscal policy to encourage Chinese exports and increase competitiveness in relation to large economies such as the USA and Europe, which have a trade deficit with China.
the Chinese trade surplus rose 41 percent in the first five months of the year, in comparison with the same period of last year, totaling US$46.7 billion.
The government estimates that Chinese exports will increase at a greater rate in the second half of the year.
In 2004, the last year for which definitive official figures are available for Chinese trade, China surpassed Japan in terms of international trade and became the third largest trading power in the world after the USA and Germany. (macauhub)